FORM 10-Q


                     SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549


          [X}   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                   THE SECURITIES EXCHANGE ACT OF 1934


                For the quarterly period ended June 30, 2001
                                    or


          [ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934


               For the transition period from   N/A   to   N/A


                        Commission File Number: 0-22520



                       CENTENNIAL MORTGAGE INCOME FUND
             (Exact name of registrant as specified in its charter)



              California                            33-0053488
   (State or other jurisdiction of               (I.R.S. Employer
    incorporation or organization)               Identification No.)


  1540 South Lewis Street, Anaheim, California        92805
   (Address of principal executive offices)         (Zip Code)


Registrant's telephone number, including area code: (714)502-8484




Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.

                               YES  X     NO







                                  PART I

ITEM 1. FINANCIAL STATEMENTS

                 CENTENNIAL MORTGAGE INCOME FUND AND SUBSIDIARIES
                              A Limited Partnership

                           Consolidated Balance Sheets

                       June 30, 2001 and December 31, 2000


<TABLE>
<CAPTION>
                                                  June 30,       December 31,
    ASSETS                                          2001             2000
                                                 (Unaudited)
------------------------------------------------------------------------------
<S>                                             <C>               <C>
Cash and cash equivalents                       $  1,556,000      $  1,599,000

Other assets, net                                      9,000               ---
------------------------------------------------------------------------------
                                               $   1,565,000     $   1,599,000
==============================================================================


LIABILITIES AND PARTNERS' EQUITY
------------------------------------------------------------------------------
Accounts payable and
  accrued liabilities                          $       5,000     $     10,000
------------------------------------------------------------------------------
   Total liabilities                                   5,000           10,000
------------------------------------------------------------------------------

Partners' equity (deficit)
  -- 38,729 limited partnership
  units outstanding at June 30, 2001
  and December 31, 2000
    General partners                                (132,000)        (132,000)
    Limited partners                               1,692,000        1,721,000
------------------------------------------------------------------------------
    Total partners' equity                         1,560,000        1,589,000

Contingencies (note 4)
Subsequent event (note 5)
------------------------------------------------------------------------------
                                               $   1,565,000     $  1,599,000
==============================================================================
</TABLE>







        See accompanying notes to consolidated financial statements
                                     1

                CENTENNIAL MORTGAGE INCOME FUND AND SUBSIDIARIES
                             A Limited Partnership

               Consolidated Statements of Operations (Unaudited)
<TABLE>
<CAPTION>
                                Six Months             Three Months
                               Ended June 30,          Ended June 30,
                              2001       2000         2001       2000
------------------------------------------------------------------------
<S>                        <C>         <C>         <C>         <C>
Revenue:
Interest income loans
  to nonaffiliates,
  including fees           $     ---   $   21,000  $     ---   $   10,000
Interest on interest-
  bearing deposits             36,000      27,000      16,000      15,000
Other                           4,000       5,000       2,000       2,000
-------------------------------------------------------------------------
   Total revenue               40,000      53,000      18,000      27,000
-------------------------------------------------------------------------
Expenses:
General and administrative
  affiliates                   36,000      40,000      14,000      17,000
General and administrative
  nonaffiliates                33,000      37,000      20,000      22,000
-------------------------------------------------------------------------
   Total expenses              69,000      77,000      34,000      39,000
-------------------------------------------------------------------------
Net loss                   $  (29,000) $  (24,000) $  (16,000) $  (12,000)
=========================================================================

Net loss per limited
  partnership unit
  -basic and diluted       $     (.75) $     (.62) $     (.41) $     (.31)
=========================================================================
</TABLE>




















        See accompanying notes to consolidated financial statements
                                     2

             CENTENNIAL MORTGAGE INCOME FUND AND SUBSIDIARIES
                         A Limited Partnership

                Consolidated Statement of Partners' Equity

                For the six months ended June 30, 2001

<TABLE>
<CAPTION>

                                                                  Total
                                   General        Limited        Partners'
                                   Partners       Partners        Equity
                                 (Unaudited)    (Unaudited)    (Unaudited)
---------------------------------------------------------------------------
<S>                             <C>            <C>            <C>
Balance at
  December 31, 2000             $  (132,000)   $  1,721,000   $  1,589,000

Net loss                                ---         (29,000)       (29,000)

---------------------------------------------------------------------------
Balance at
  June 30, 2001                 $  (132,000)   $  1,692,000   $  1,560,000
==========================================================================

</TABLE>






























       See accompanying notes to consolidated financial statements
                                  3

            CENTENNIAL MORTGAGE INCOME FUND AND SUBSIDIARIES
                         A Limited Partnership

                  Consolidated Statements of Cash Flows

           For the six months ended June 30, 2001 and 2000
<TABLE>
<CAPTION>
                                             2001              2000
                                          (Unaudited)       (Unaudited)
-----------------------------------------------------------------------
<S>                                       <C>              <C>
Cash flows from operating activities:
  Net loss                                $   (29,000)     $   (24,000)
  Adjustments to reconcile net loss to
   net cash used in operating activities:
  Changes in assets and liabilities:
   Interest accrued to
     principal on loans receivable               ---            (7,000)
   Increase in other assets                    (9,000)         (12,000)
   Increase in due from
    unconsolidated investee                      ---            (1,000)
   Increase (decrease) in accounts
    payable and accrued liabilities            (5,000)           1,000
-----------------------------------------------------------------------
     Net cash used in operating
      activities                              (43,000)         (43,000)
-----------------------------------------------------------------------
Net decrease in cash and
    cash equivalents                          (43,000)         (43,000)
Beginning cash and
  cash equivalents                          1,599,000        1,124,000
-----------------------------------------------------------------------
Ending cash and cash
  equivalents                             $ 1,556,000      $ 1,081,000
=======================================================================
</TABLE>




















        See accompanying notes to consolidated financial statements
                                   4

             CENTENNIAL MORTGAGE INCOME FUND AND SUBSIDIARIES
                          A Limited Partnership

                Notes to Consolidated Financial Statements
                              (Unaudited)
                        June 30, 2001 and 2000

(1)  BUSINESS

Centennial Mortgage Income Fund (the "Partnership") initially invested in
commercial, industrial and residential income-producing real property through
mortgage investments consisting of participating first mortgage loans, other
equity participation loans, construction loans, and wrap-around and other
junior loans.  The Partnership's underwriting policy for granting credit was
to fund loans secured by first and second deeds of trust on real property.
The Partnership's area of concentration is in California.  In the normal
course of business, the Partnership participated with other lenders in
extending credit to single borrowers; the Partnership did this in an effort to
decrease credit concentrations and provide a greater diversification of credit
risk.

As of June 30, 2001, all of the loans secured by properties have been repaid
or charged off.

As required by the Partnership Agreement, the Partnership is currently in the
repayment stage, and as a result, cash proceeds from mortgage investments are
no longer available for reinvestment.

(2)  BASIS OF PRESENTATION

The consolidated financial statements are unaudited and reflect all
adjustments, consisting only of normal recurring accruals, which are, in the
opinion of management, necessary for a fair statement of the results of
operations for the interim periods.

Results for the six and three months ended June 30, 2001 and 2000 are not
necessarily indicative of results which may be expected for any other interim
period, or for the year as a whole.

Information pertaining to the six and three months ended June 30, 2001 and
2000 is unaudited and condensed inasmuch as it does not include all related
footnote disclosures.

The consolidated financial statements do not include all information and
footnotes necessary for fair presentation of financial position, results of
operations and cash flows in conformity with accounting principles generally
accepted in the United States of America.  Notes to consolidated financial
statements included in Form 10-K for the year ended December 31, 2000 on file
with the Securities and Exchange Commission, provide additional disclosures
and a further description of accounting policies.

Financial Information about Industry Segments

Given that the Partnership is in the process of liquidation, the Partnership
has identified only one operating business segment which is the business of
asset liquidation.


                                   5

Net loss per Limited Partnership Unit

Net loss per limited partnership unit for financial statement purposes was
based on the weighted average number of limited partnership units outstanding
of 38,729 for all periods presented.

 (3)  TRANSACTIONS WITH AFFILIATES

Under the provisions of the Partnership Agreement, the general partners are to
receive compensation for their services in supervising the affairs of the
Partnership.  This partnership management compensation shall be equal to 10
percent of the cash available for distribution, as defined in the Partnership
Agreement.  The general partners will not receive this compensation until the
limited partners have received a 12 percent per annum cumulative return on
their adjusted invested capital but are entitled to receive a 5 percent
interest in cash available for distribution in any year until this provision
has been met.  Adjusted invested capital is defined as the original capital
invested less distributions from mortgage reductions. Payments to the general
partners have been limited to 5 percent of cash available for distribution as
the limited partners have not yet received their 12 percent per annum
cumulative return.  Under this provision of the Partnership Agreement, no
distributions were paid to the general partners during the six months ended
June 30, 2001 or 2000.

(4) CONTINGENCIES

The Partnership has disclosed in previous reports certain litigation related
to the Partnership's shopping center in Upland, California.  The Partnership's
insurance company settled this litigation with the plaintiffs during the three
months ended June 30, 2001 at no cost to the Partnership

(5) SUBSEQUENT EVENT

The Partnership declared a distribution payable to limited partners who were
holders of record on July 15, 2001 in the amount of $15 per limited
partnership unit.  The distribution totaled approximately $581,000.  This
distribution was paid on August 1, 2001.





















                                   6

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.

GENERAL

The Partnership had net losses and net losses per limited partnership unit of
$(29,000) and $(.75) for the six months ended June 30, 2001 and $(24,000) and
$(.62) for the six months ended June 30, 2000, respectively.

Cautionary Statements Regarding Forward-Looking Information

The Partnership wishes to caution readers that the forward-looking statements
contained in this Form 10-Q under "Item 2. Management's Discussion and
Analysis of Financial Condition and Results of Operations" and elsewhere in
this Form 10-Q involve known and unknown risks and uncertainties which may
cause the actual results, performance or achievements of the Partnership to be
materially different from any future results, performance or achievements
expressed or implied by any forward-looking statements made by or on behalf of
the Partnership.  In connection with the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995, the Partnership is filing
the following cautionary statements identifying important factors that in some
cases have affected, and in the future could cause the Partnership's actual
results to differ materially from those expressed in any such forward-looking
statements.

The factors that could cause the Partnership's results to differ materially
include, but are not limited to, general economic and business conditions,
including interest rate fluctuations; success of operating initiatives;
adverse publicity; changes in business strategy; quality of management;
business abilities and judgment of personnel; availability of qualified
personnel; employee benefit costs and changes in, or the failure to comply
with government regulations.

LIQUIDITY AND CAPITAL RESOURCES

At June 30, 2001, the Partnership had $1,556,000 in cash and interest-bearing
deposits.  The Partnership had no unfunded loan commitments at June 30, 2001.
During the first two quarters of 2001, the Partnership's principal source of
cash was $36,000 in interest income on interest bearing deposits.  The
Partnership's principal uses of cash during the first two quarters of 2001
were approximately $83,000 in general and administrative costs.  The
Partnership's principal future capital requirements are expected to be general
and administrative costs.

Effective with the third quarter of 1991, the Partnership had suspended making
any cash distributions to partners due to a decline in liquidity and the
uncertainty of the cash requirements for existing and potential real estate
owned.  Pursuant to the Partnership Agreement, 60 months after the closing of
the offering, cash proceeds from mortgage investments are no longer available
for reinvestment by the Partnership.

The Partnership declared a distribution payable to limited partners who were
holders of record on July 15, 2001 in the amount of $15 per limited
partnership unit.  The distribution totaled approximately $581,000.  This
distribution was paid on August 1, 2001.

The general partners have had discussions with legal counsel regarding the

                                   7

amounts of cash balances that would be prudent to be retained by the
Partnership at this time.  In light of the substantial amount of real estate
that the Partnership has held an interest in over the years, there is always
the potential for future litigation to arise, particularly in the area of
toxic contamination.  Although the general partners are not aware of any
threatened litigation, or litigation that is likely to arise, they have
determined that the Partnership should retain at least $1,000,000 in cash
balances to be available to defend the Partnership in any future litigation
which may arise.  It is expected that these cash balances will be retained
until such time as legal counsel advises the general partners that the
potential for any future litigation is remote.

RESULTS OF OPERATIONS

INTEREST INCOME

Interest income on loans to nonaffiliates decreased from $21,000 and $10,000
during the six and three months ended June 30, 2000, respectively, to $-0-
during the six months ended June 30, 2001.  The decrease was attributable to
the payoff of the last remaining Partnership loans receivable during the three
months ended December 31, 2000.

Interest earned on interest-bearing deposits totaled $36,000 and $16,000 for
the six and three months ended June 30, 2001, respectively.  Interest earned
on interest-bearing deposits totaled $27,000 and $15,000 for the six and three
months ended June 30, 2000, respectively.  Interest on interest-bearing
deposits represents interest earned on Partnership funds invested, for
liquidity, in time certificate and money market deposits.  The increase in
income on interest-bearing deposits is due to increased average cash balances
for the six months ended June 30, 2001 and an increase in the average interest
rates earned on deposits.  The increase in average cash balances resulted from
the payoff of the last remaining Partnership loans receivable in October 2000.

GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses, affiliates totaled $36,000 and $14,000,
respectively, for the six and three months ended June 30, 2001.  General and
administrative expenses, affiliates totaled $40,000 and $17,000, respectively,
for the six and three months ended June 30, 2000.  These expenses are
primarily salary allocation reimbursements paid to affiliates.

General and administrative expenses, nonaffiliates totaled $33,000 and $20,000
for the six and three months ended June 30, 2001, respectively.  General and
administrative expenses, nonaffiliates totaled $37,000 and $22,000 for the six
and three months ended June 30, 2000, respectively.  These expenses consist of
other costs associated with the administration of the Partnership.  The
decrease for 2001 is primarily due to a decrease in professional fees and
office expense.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Since the Partnership does not invest in any derivative financial instruments
or enter into any activities involving foreign currencies, its market risk
associated with financial instruments is limited to the effect that changing
domestic interest rates might have on the fair value of its bank deposits and
notes receivable.  As of June 30, 2001, the Partnership held only cash in
checking accounts of $3,000, fixed rate bank deposits with carrying values

                                   8

totaling $1,553,000 and $9,000 in other prepaid expenses.  The bank deposits
and fixed rate bank deposits all had maturities of less than ninety days.  The
estimated fair value of all of these assets was estimated to be equal to their
carrying values as of June 30, 2001.

Management currently intends to hold the remaining fixed rate assets until
their respective maturities.  Accordingly, the Partnership is not exposed to
any material cash flow or earnings risk associated with these assets.  Given
the relatively short-term maturities of these assets, management does not
believe the Partnership is exposed to any significant market risk related to
the fair value of these assets.

The Partnership had no interest bearing indebtedness outstanding as of June
30, 2001.  Accordingly, the Partnership is not exposed to any market risk
associated with its liabilities.



                           PART II

OTHER INFORMATION

Item 1.  Legal Proceedings

         None

Item 2.  Changes in Securities

         None

Item 3.  Defaults Upon Senior Securities

         None

Item 4.  Submission of Matters to a Vote of Security Holders

         None

Item 5.  Other Information

         None

Item 6.  Exhibits and Reports on Form 8-K

         (a)Exhibits

         (3) & (4)  Articles of Incorporation and Bylaws

            The Amended Limited Partnership Agreement
            Incorporated by reference to Exhibit A to the Partnership's
            Prospectus contained in the Partnership's registration
            Statement on Form Form S-11 (Commission File No. 0-22520)
            Dated June 8, 1984, as supplemented and filed under the Securities
            Act of 1933

         (b) None


                                  9



Signatures


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.


CENTENNIAL MORTGAGE INCOME FUND AND SUBSIDIARIES
A California Limited Partnership

By:/s/John B. Joseph

_________________________________
John B. Joseph
General Partner 				August 14, 2001


By:/s/Ronald R. White
_________________________________
Ronald R. White
General Partner 				August 14, 2001

By:  CENTENNIAL CORPORATION
General Partner

By:/s/Joel H. Miner

_________________________________
Joel H. Miner
Chief Financial Officer			August 14, 2001